SPONSORED BY: FEDERAL RESERVE BOARD and FEDERAL RESERVE BANK of NEW YORK

Publications

March 7, 2018
The ARRC is Reconstituted

The Federal Reserve Board and the Federal Reserve Bank of New York today reconstituted the ARRC.
Press Release

March 5, 2018
The ARRC Publishes its Second Report

The Alternative Reference Rates Committee (ARRC) today released its Second Report.
Press Release of the Second Report

May 20, 2016
The ARRC Publishes Interim Report

The Alternative Reference Rates Committee (ARRC) today released an Interim Report and Consultation summarizing its progress in narrowing the set of potential rates that might be chosen as an alternative to U.S. dollar LIBOR and in considering potential plans for transition to the chosen rate.

Press Release of the Interim Report and Consultation
Update: The timing of the roundtable hosted by the ARRC on June 21, 2016 has been revised to 2:30 to 4:30 p.m., not 9:30 to 11:30am, as indicated in the original press release.
Frequently Asked Questions on the Interim Report
Note: The FAQs will be posted as questions are received
Comments Received on the ARRC Interim Report
Note: Any e-mail comments received will be posted here as they are received without alteration except when necessary for technical reasons. Unless otherwise requested, comments received will be posted with attribution.

About Us

Major reference rates are widely used in the global financial system as benchmarks for a large volume and broad range of financial products and contracts. In response to concerns regarding the reliability and robustness of these reference rates, The Financial Stability Oversight Council and Financial Stability Board called for the development of alternative interest rate benchmarks. In 2014, the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee in order to identify best practices for alternative reference rates, identify best practices for contract robustness, develop an adoption plan, and create an implementation plan with metrics of success and a timeline.

The ARRC accomplished its first set of objectives and has identified the Secured Overnight Financing Rate (SOFR) as the rate that represents best practice for use in certain new U.S. dollar derivatives and other financial contracts. It also published its Paced Transition Plan, with specific steps and timelines designed to encourage adoption of the SOFR. The ARRC was reconstituted in 2018 to help to ensure the successful implementation of the Paced Transition Plan and serve as a forum to coordinate and track planning across cash and derivatives products and market participants currently using U.S. dollar LIBOR. To that end, the ARRC will endeavor to deliver recommendations for addressing risks in contract language, orderly transitions on a voluntary basis, and actions that would facilitate such transitions as it deems appropriate in order to meet these objectives.

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